MONTHLY BULLETIN - N° 187 - December 2005

MONTHLY BULLETIN - N° 187 - December 2005
DEBT GENERAL DATA ........................................................................ 1
PRIMARY MARKET .............................................................................. 2
SECONDARY MARKET ........................................................................ 4
THE FRENCH ECONOMY..................................................................... 7
INTERNATIONAL COMPARISONS ...................................................... 8
FRENCH GOVERNMENT NEGOTIABLE DEBT OUTSTANDING ....... 9
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D EBT
GENERAL DATA
French government long- and medium-term
negotiable debt on November 30, 2005
nominal value of each line, €bn
Non-resident holdings of French government
negotiable debt securities
as a % of negotiable debt outstanding
57
25
55
20
53
15
51
49
10
47
5
45
43
41
Source: Agence France Trésor
01 **
/2 0
05
02 *
/20
05
03 *
/20
05
04 *
/20
05
05 *
/20
05
06 *
/20
05
07 *
/20
05
08
/20
05
09
/20
05
10
/20
05
**
04
/20
/20
OATi & OAT€i
10
OAT
11
BTAN
/20
04
04
**
39
12
2055
> 2015
2014
2015
2013
2012
2011
2010
2009
2008
2007
2006
0
Source: balance of payments
Note: following the revised figures of the French securities
held by non-residents at the end of 2004, the Banque de
France has readjusted the outstanding amount related to the
negotiable Government debt securities held by non-residents
in 2003 and has reevaluated the stock for 2004 (**).
(*) figures quarterly revised (**) figures annually revised
Monthly bulletin – N° 187 – December 2005
P RIMARY
MARKET
Auction indicative calendar
BTAN / index linked OAT
BTF
December 2005
January 2006
OAT
auction date
5
12
19
27
settlement date
8
15
22
29
auction date
2
9
16
23
30
19
5
settlement date
5
12
19
26
2 Feb
24
10
no auction
anticipated or delayed auctions (bank holidays, etc.)
Source: Agence France Trésor
Long- and medium-term financing over the
year on November 30, 2005
€bn
130
120
110
100
111.0
112.0
forecast
90
80
70
60
50
40
realized
74.1
61.0
50.0
37.9
30
20
10
0
OAT
BTAN
TOTAL L & M T
Source: Agence France Trésor
OATs and BTANs issues and cumulative total
on November 30, 2005
€bn
OATs and BTANs: indicative repayment
schedule on November 30, 2005
€bn
0
5
10
15
20
BTAN 3.75% 1/2007
BTAN 2.25% 3/2007
BTAN 3.5% 1/2008
BTAN 2.75% 3/2008
BTAN 3% 1/2010
BTAN 2,5% 7/2010
OATi 1.6% 7/2011 *
OATi 2.5% 7/2013 *
OAT 4% 10/2014
OAT 3.5% 04/2015
OAT€i 1.6% 7/2015 *
OAT 3% 10/2015
OATi 1% 7/2017 *
OAT€i 2.25% 7/2020 *
OAT 3.75% 04/2021
OATi 3.4% 7/2029*
OAT€i 3.15% 7/2032 *
OAT 4.75% 04/2035
OAT 4% 04/2055
25
25
interest
redemption
20
15
10
5
issued before 2005
* nominal value
Source: Agence France Trésor
issued in 2005
0
11/05 12/05 1/06 2/06 3/06
4/06 5/06
6/06 7/06 8/06
9/06 10/06
Source: Agence France Trésor
Monthly bulletin – N° 187 – December 2005
2
OAT and BTAN auctions – November 2005
€m
OAT 10 years
BTAN 3 years
OATi 5 years
OAT€i 10 years
10/25/2015
3/12/2008
7/25/2011
7/25/2015
3.00%
2.75%
1.60%
1.60%
11/3/2005
11/17/2005
11/17/2005
11/17/2005
11/22/2005
11/22/2005
Auction date
Settlement date
11/8/2005
11/22/2005
<-- 3,500-4,000 -->
<-- 5,000-5,500 -->
Bid amount
8,145
8,515
1,710
1,608
Amount served
3,766
5,496
805
670
0
0
5
0
0
0
0
0
3,766
5,496
805
670
Amount announced
of which: NCTs before auction
NCTs after auction
Total issued amount
Bid-to-cover ratio
<-- 1,000-1,500 -->
2.16
1.55
2.12
2.40
Weighted average price
96.02%
99.95%
102.68%
102.08%
Yield to maturity
3.48%
2.77%
1.11%
1.37%
-
-
1.04322
1.02539
Indexation coefficient*
* as of the settlement date
Source: Agence France Trésor
BTF auctions – November 2005
€m
BTF
BTF
BTF
BTF
1 month
3 month
6 month
1 year
Auction date
10/31/2005
10/31/2005
Settlement date * in November
11/3/2005
11/3/2005
Maturity
1/26/2006
4/27/2006
Total issued amount
Weighted average rate
#VALEUR!
1,974
2,003
2.128%
2.254%
#VALEUR!
Auction date
11/7/2005
11/7/2005
Settlement date
11/10/2005
11/10/2005
2/9/2006
10/26/2006
Maturity
Total issued amount
Weighted average rate
2,004
#VALEUR!
1,901
2.156%
#VALEUR!
Auction date
11/14/2005
11/14/2005
Settlement date
11/17/2005
11/17/2005
2/9/2006
4/27/2006
Maturity
Total issued amount
Weighted average rate
#VALEUR!
2,105
1,807
2.200%
2.334%
2.500%
#VALEUR!
Auction date
11/21/2005
Settlement date
11/24/2005
11/24/2005
Maturity
2/23/2006
11/23/2006
2,026
2,089
Total issued amount
Weighted average rate
#VALEUR!
Auction date
11/21/2005
2.306%
#VALEUR!
11/28/2005
11/28/2005
Settlement date * in December
12/1/2005
12/1/2005
Maturity
2/23/2006
5/24/2006
Total issued amount
Weighted average rate
#VALEUR!
2,003
1,902
2.316%
2.454%
2.660%
#VALEUR!
Source: Agence France Trésor
Monthly bulletin – N° 187 – December 2005
3
S ECONDARY
MARKET
French government yield curve
OAT ownership by type of holder
second quarter 2005
quote at end of the month, in %
structure in %
6
5
31
insurance companies
credit institutions
4
UCITS
51
3
other
non-resident investors
2
1 yr 5 yrs 10 years
20 years
30 years
7
50 years
1
11/2004
10/2005
Source: Bloomberg
10
3
11/2005
Source: Banque de France
Breakeven inflation
daily quotes in %
2.7
2.5
(1) difference between the yield of the OAT 4% April 2013
and the yield of the OATi 2.5% July 2013
(2) difference between the yield of the OAT 5% April 2012
and the yield of the OAT€i 3% July 2012
(3) difference between the yield of the OAT 5.5% April 2029
and the yield of the OATi 3.4% July 2029
(4) difference between the yield of the OAT 5.75% October
2032 and the yield of the OAT€i 3.15% July 2032
2.3
2.1
1.9
1.7
1.5
1.3
1.1
11/1/03
2/1/04 5/1/04 8/1/04
France 10 years (1)
France 30 years (3)
11/1/04
2/1/05
5/1/05 8/1/05 11/1/05
Euro zone 10 years (2)
Euro zone 30 years (4)
Source: Bloomberg
Negotiable government debt and swaps
€bn
Negotiable government debt
outstanding
end
end
end
end
end
October
November
2000
2001
2002
2003
2004
2005
2005
876
616
653
717
788
833
866
OAT
419
443
478
512
552
588
593
BTAN
154
158
151
167
184
186
190
BTF
43
52
88
109
97
92
93
///
37
61
61
61
61
58
Swaps outstanding
Average maturity of the negotiable debt
before swaps
after swaps
6 years
6 years
5 years
5 years
6 years
6 years
6 years
64 days
47 days
343 days
297 days
79 days
327 days
298 days
///
5 years
5 years
5 years
6 years
6 years
6 years
///
358 days
266 days
235 days
33 days
286 days
258 days
Source: Agence France Trésor
Monthly bulletin – N° 187 – December 2005
4
Turnover on the 5 most liquid OATs
Primary dealers, monthly fixed-rate repo
transactions
and the 4 most liquid BTANs
daily average (€bn)
€bn
45
350
40
OAT
BTAN
1-3 days
12-35 days
300
4-11 days
> 35 days
35
250
30
25
200
20
150
15
100
10
50
5
0
0
11/04 12/04 1/05
2/05
3/05
4/05
5/05 6/05
7/05
8/05
9/05 10/05 11/05
10/04 11/04 12/04 1/05
Source: Euroclear France
2/05 3/05
4/05
5/05 6/05
7/05 8/05
9/05 10/05
Source: primary dealers
Primary dealers, repo outstanding at end of month
€bn
400
350
300
250
200
150
100
50
0
10/04 11/04 12/04 1/05 2/05 3/05 4/05 5/05 6/05 7/05 8/05 9/05 10/05
fixed-rate repos
floating-rate repos
others
Source: primary dealers
Focus
Eurozone: core inflation has never caught up with the inflation headline
2.5
Annual average inflation, %
Core
Headline
2.0
1.5
1.0
0.5
1999
2000
2001
2002*
2003
2004
2005e
2006e
Note: 2002 core inflation is ajusted for the 0.4pp effect of the German healthcare reform
Source: Eurostat; (e): Morgan Stanley Estimates
Monthly bulletin – N° 187 – December 2005
5
T RIBUNE
ECB: Good Move, but Mind the Economy
The ECB decision to raise the bank's main lending rate by a quarter of a percentage point was the right one at the
right time. It marks the end of the "zero real interest rate" policy initiated after euro-area growth came to a standstill,
back in 2003. The medicine was not as radical as the one used by the Fed in the U.S. but, in the end, it delivered:
Credit to the private sector took off and is now growing at a 9% clip.
A robust domestic demand recovery
With all due respect for Nobel Prize winners Joseph Stiglitz, Robert Mundell and Gary Becker, who criticized the
ECB’s decision without paying enough attention to the real data, waiting for more evidence of the recovery would
have been a mistake. Q3 data have demonstrated that growth was driven by final domestic demand: the euro-area
GDP increased at an annualized rate of 2.5% with final domestic demand up 2.4%. In this respect, it is not different
from the past – Euroland GDP growth is 90% driven by domestic demand since 1999-- except in one aspect. This
time, Germany is part of the game, and that makes a big difference.
Let it grow faster than trend
Hence, keeping rates at the emergency level where they were stuck since June 2003 would have sent a message of
no-confidence to companies, consumers and the financial markets. It would have also channeled more savings into
highly speculative investment vehicles and encourage carry trades even further. Having done the right thing, the
next challenge for the ECB is to remain pragmatic enough to let the economy catch up progressively with its
potential, that is to grow faster than trend.
Core inflation has been permanently lower than headline
This is where the ECB’s messages make us slightly uncomfortable. Dismissing the concept of core inflation under
the pretext that headline leads core rather than the other way around is unconvincing. The fact is, since January
1999 core inflation, which is precisely where one would fear to see second round effects jeopardizing long term price
stability, has been four-tenths lower than headline. This shows that the unemployment rate has been almost
permanently below any reasonable measure of a non accelerating inflation rate of unemployment, or NAIRU.
The recent rise in energy prices is a supply side shock
The alleged symmetry between rising energy prices and declining manufacturing prices is also unconvincing. It is
argued that China is providing ever cheaper goods because of its colossal unemployed workforce while at the same
time boosting energy prices. Elegant as it might sound, this idea does not fit with the facts. This year, Chinese net
imports of crude oil and refined products have barely increased (+3% on the year until October), while the price of
Brent has increased by 43%. The big jump in energy prices was caused not by demand but by the accidental
shutdown of US refineries when the industry was operating almost at full capacity. This was a genuine supply side
shock, having nothing to do with globalisation.
Keep it below 3%
In conclusion, it is good news that the ECB is not pre-committing to any pace of normalization, nor on any normative
neutral rate target. Going forward, the ECB should raise the refi rate in sync with the recovery while keeping
monetary policy expansionary, until output gets closer to potential. Unless GDP growth accelerates significantly
above 2.5% next year, this would be consistent with a refi rate not exceeding 3% significantly in 2006.
Chief economist Europe
Eric Chaney
Morgan Stanley
NB: this Agence France Trésor forum offers economists an opportunity to express their personal opinion. Thus, the above article strictly
reflects the author’s view, and should not be construed as expressing the viewpoints of Agence France Trésor or the Ministry of the
Economy, Finance and Industry.
Monthly bulletin – N° 187 – December 2005
6
T HE F RENCH
ECONOMY
Macro-economic forecast
Recent economic indicators
Real growth rate as a %
French GDP
2004
2005
2006
2.3
< 1.5 - 2 >
< 2 - 2.5 >
Industrial output*, year-on-year
0.8%
9/2005
Household consumption*, year-on-year
1.8%
10/2005
9.7%
10/2005
Euro zone GDP
2.1
1.4
1.9
Unemployment rate (ILO)
Household consumption
2.0
2.0
2.3
Consumer prices, year-on-year
Business investment
2.8
3.4
4.3
all items
1.8%
10/2005
Exports
3.1
2.5
5.0
all items excluding tobacco
1.7%
10/2005
Imports
6.9
5.6
5.6
Trade balance, fob-fob, sa
-1.7 EUR bn
9/2005
Consumer prices
2.1
1.8
1.8
"
-2.2 EUR bn
8/2005
Current account balance, sa
-0.5 EUR bn
9/2005
"
-2.0 EUR bn
(year-on-year)
Source: 2006 Budget Bill
"
"
8/2005
10-year interest rate (TEC10)
3.45%
11/30/2005
3-month interest rate (Euribor)
2.473%
11/30/2005
EUR / USD
1.1769
11/30/2005
EUR / JPY
140.80
11/30/2005
*manufactured goods –
Source: Insee ; Ministry of the Economy, Finance and
Industry ; Banque de France
Gross domestic product at 1995 prices
Euro exchange rate
Variation in %
Daily quotes
2.5
quarterly (left-hand scale)
year on year (right-hand scale)
2.0
5
4
1.40
145
1.35
140
1.30
1.5
3
1.0
2
135
1.25
130
1.20
0.5
1
0.0
125
1.15
120
1.10
0
-0.5
-1
-1.0
2000
2001
2002
2003
2004
2005
Source: Insee, quarterly national accounts
Euro / dollar (left-hand scale)
1.05
115
Euro / yen (right-hand scale)
1.00
12/1/04
3/1/05
6/1/05
110
12/1/05
9/1/05
Source: European Central Bank
Public finance: general government deficit
and debt
Government budget monthly position
€bn
As a % of GDP
end-of-October level
2003
General budget
balance
revenue
expenditure
Balance of special
Treasury accounts
General budget
outturn
2004
2003
2004
2005
4.5
4.0
-56.71
-45.41
-53.66
-48.40
-48.96
3.5
221.56
242.99
182.53
197.16
199.89
3.0
278.27
288.40
236.19
245.56
248.85
58.5
58.2
3.6
3.6
58.7
2.9
2.5
58.3
2.3
4.2
62.8
64.7
65.8
56.2
62.0
2.9
-56.94
1.53
-43.88
-6.30
-59.96
-2.57
-50.97
-4.63
-53.59
56.0
54.0
52.0
1.5
50.0
48.0
1.0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
deficit (left-hand scale)
Source: Ministry of the Economy, Finance and Industry
for more information:
http://www.minefi.gouv.fr/minefi/chiffres/budget_etat/
60.0
58.0
2.4
2.0
-0.23
66.0
64.0
3.6
3.0
56.7
2.5
68.0
66.0
debt (right-hand scale)
Source: according to Maastricht Treaty, Insee and Ministry of
the Economy, Finance and Industry
Monthly bulletin – N° 187 – December 2005
7
Timetable for the release of French economic indicators
December 2005
January 2006
6 Central government budget: statement at end of October
3 Quarterly national accounts: final results Q3-2005
7 Gross foreign exchange reserves in November
5 Household confidence survey: December survey
6 Gross foreign exchange reserves in December
9 Industrial output in October
13 Consumer prices: provisional index for November
10 Central government budget: statement at end of November
13 Foreign trade in October
10 Industrial output in November
15 Payroll employment: final results Q3-2005
10 Cost-of-construction: index Q3-2005
19 Balance of payments in October
11 Foreign trade in November
21 Household consumption of manufactured goods in November
13 Consumer prices: index for December
23 Wages: final results Q3-2005
18 Balance of payments in November
23 Industrial producer prices: November index
20 Household consumption of manufactured goods in December
23 Industrial trends: monthly survey for December
25 Industrial trends: monthly survey for January
27 New building starts in November
30 Industrial trends: quaterly survey for January
30 Net foreign exchange reserves in November
30 Household confidence survey: January survey
30 Job seekers in November
31 New building starts in December
31 Industrial producer prices: December index
31 Job seekers in December
31 Net foreign exchange reserves in December
Harmonized index of consumer prices – Eurozone (Eurostat)
Index for November: December 16
Index for December: January 19
I NTERNATIONAL C OMPARISONS
Consumer price index
General government debt in 2004
Year-on-year % change
As a % of GDP
175.0
5
150.0
4
163.5
125.0
3
105.8
100.0
2
Japan
1
U.K.
USA
euro zone
France
50.0
0
71.3
75.0
65.6
66.0
France
Germany
63.5
41.6
25.0
-1
0.
-2
9/03
3/04
Source: statistical institutes
9/04
3/05
U.K.
9/05
Italy
euro zone
USA
Japan
Source: Eurostat, OECD
Monthly bulletin – N° 187 – December 2005
8
F RENCH
GOVERNMENT NEGOTIABLE DEBT OUTSTANDING
- D ETTE
NEGOCIABLE DE L ’E TAT
OAT au 30 novembre 2005 / fungible Treasury bonds at November 30, 2005
En euros
CODE ISIN
Euroclear France
FR0000570491
FR0000570509
FR0000570533
FR0000570541 V
FR0000570574
FR0000570590
FR0000570632
FR0000570665
FR0000570673 V
FR0000571432
FR0000571424 I
FR0000186199
FR0000186603
FR0000187023
FR0000570731
FR0010094375 I
FR0000187874
FR0000188328
FR0000188013 I
FR0000188690
FR0000570780
FR0000188989
FR0000188955 I
FR0010223560 I
FR0010233064 I
FR0010244194 I
FR0010253203 I
FR0010011130
FR0010061242
FR0010112052
Libellé de l'emprunt /
Bond
Échéance 2006
OAT 7,25% 25 avril 2006
OAT 7% 25 avril 2006
OAT 6,5% 25 octobre 2006
OAT TEC10 25 octobre 2006
Échéance 2007
OAT 5,5% 25 avril 2007
OAT 5,5% 25 octobre 2007
Échéance 2008
OAT 5,25% 25 avril 2008
OAT 8,5% 25 octobre 2008
Échéance 2009
OAT TEC10 25 janvier 2009
OAT 4% 25 avril 2009
OATi 3% 25 juillet 2009
OAT 4% 25 octobre 2009
Échéance 2010
OAT 5,5% 25 avril 2010
OAT 5,5% 25 octobre 2010
Échéance 2011
OAT 6,5% 25 avril 2011
OATi 1,6% 25 juillet 2011
OAT 5% 25 octobre 2011
Échéance 2012
OAT 5% 25 avril 2012
OAT€i 3% 25 juillet 2012
OAT 4,75% 25 octobre 2012
OAT 8,5% 26 décembre 2012
Échéance 2013
OAT 4% 25 avril 2013
OATi 2,5% 25 juillet 2013
OATi 2,5% 25 juillet 2013 août 2005
OATi 2,5% 25 juillet 2013 sept 2005
OATi 2,5% 25 juillet 2013 oct 2005
OATi 2,5% 25 juillet 2013 nov 2005
OAT 4% 25 octobre 2013
Échéance 2014
OAT 4% 25 avril 2014
OAT 4% 25 octobre 2014
Coefficient
d'indexation /
indexation
coefficient
Encours / Outstanding
43 218 093 816
18 180 039 415
1 091 244 000
15 102 140 991
8 844 669 410
36 408 826 604
21 771 775 424
14 637 051 180
42 188 093 494
24 403 932 367
17 784 161 127
63 777 498 204
9 853 044 498
18 640 258 371
15 440 058 297
19 844 137 038
31 162 742 970
15 311 719 352
15 851 023 618
42 490 586 522
19 572 445 710
8 863 254 480
14 054 886 332
56 384 265 603
15 654 110 580
15 690 334 760
19 554 122 924
5 485 697 339
51 519 746 263
19 137 183 879
14 778 043 260
10 609
275 842
3 193 399
4 281 595
17 596 757 679
32 145 724 224
18 039 752 234
14 105 971 990
Valeur nominale/
face value
démembré
/ stripped
1 567 110 000
422 030 000
1 950 400 000
613 480 000
272 480 000
519 930 000
4 865 450 000
(1)
1,11792
13 811 416 109
1 677 430 000
646 450 000
587 670 000
2 711 070 000
(1)
(1)
(1)
(1)
(1)
(1)
(1)
1,04421
1,08254
1,06093
1,06093
1,06093
1,06093
1,06093
8 488 000 000
14 494 000 000
13 929 329 230
10 000
260 000
3 010 000
4 035 700
CODE ISIN
Euroclear France
FR0010163543
FR0010195057
FR0010204198
FR0010216820
FR0010223545
FR0010233031
FR0010244186
FR0010253195
FR0010135525 I
FR0010216481
FR0000187361
FR0010235176 I
FR0000189151
FR0000570921
FR0000570954 C
988 450 000
FR0010050559 I
614 120 000
FR0010192997
1 624 450 000
FR0000571044
435 000 000
FR0000571085
73 300 000
FR0000571150
FR0000571226 C
FR0000571218
FR0000186413 I
71 800 000
17 280 000
65 700 000
FR0000188799 I
FR0000187635
FR0010070060
FR0010171975
(1) Encours OAT indexées = valeur nominale x coefficient d'indexation / indexed bonds outstanding = face value x indexation coefficient
(2) y compris intérêts capitalisés au 31/12/2004 / including coupons capitalized at 12/31/2004 ; non offerte à la souscription / not open to subscription
(3) valeur actualisée au 28/03/2005 / actualized value at 03/28/2005 ; non offerte à la souscription / not open to subscription
OATi : OAT indexée sur l'indice français des prix à la consommation (hors tabac) / OAT indexed on the French consumer price index (excluding tobacco)
OAT€i : OAT indexée sur l'indice des prix à la consommation harmonisé de la zone euro (hors tabac) / OAT indexed on the eurozone harmonized index of
consumer price (excluding tobacco)
TEC 10 : taux de l'échéance constante à 10 ans / yield of 10-year constant maturity Treasury
Libellé de l'emprunt /
Bond
Coefficient
d'indexation /
indexation
coefficient
Encours / Outstanding
Échéance 2015
OAT 3,5% 25 avril 2015
OAT 3,5% 25 avril 2015 mai 2005
OAT 3,5% 25 avril 2015 juin 2005
OAT 3,5% 25 avril 2015 juillet 2005
OAT 3,5% 25 avril 2015 août 2005
OAT 3,5% 25 avril 2015 sept 2005
OAT 3,5% 25 avril 2015 oct 2005
OAT 3,5% 25 avril 2015 nov 2005
OAT€i 1,6% 25 juillet 2015
OAT 3% 25 octobre 2015
Échéance 2016
OAT 5% 25 octobre 2016
Échéance 2017
OATi 1% 25 juillet 2017
Échéance 2019
OAT 4,25% 25 avril 2019
OAT 8,5% 25 octobre 2019
ETAT 9,82% 31 décembre 2019
Échéance 2020
OAT€i 2,25% 25 juillet 2020
Échéance 2021
OAT 3,75% 25 avril 2021
Échéance 2022
OAT 8,25% 25 avril 2022
Échéance 2023
OAT 8,5% 25 avril 2023
Échéance 2025
OAT 6% 25 octobre 2025
Échéance 2028
OAT zéro coupon 28 mars 2028
Échéance 2029
OAT 5,5% 25 avril 2029
OATi 3,4% 25 juillet 2029
Échéance 2032
OAT€i 3,15% 25 juillet 2032
OAT 5,75% 25 octobre 2032
Échéance 2035
OAT 4,75% 25 avril 2035
Échéance 2055
OAT 4% 25 avril 2055
40 991 954 413
17 919 182 757
18 348 910
9 859 314
12 582 178
11 069 328
27 885 945
23 755 253
16 772 978
8 525 497 750
14 427 000 000
16 652 000 000
16 652 000 000
4 561 971 120
4 561 971 120
24 610 132 527
15 754 000 000
8 844 392 893
11 739 634
7 583 576 400
7 583 576 400
6 525 000 000
6 525 000 000
1 243 939 990
1 243 939 990
10 606 195 903
10 606 195 903
8 511 928 118
8 511 928 118
12 965 236
12 965 236
22 367 196 677
15 500 880 458
6 866 316 219
26 658 390 660
7 920 390 660
18 738 000 000
14 664 000 000
14 664 000 000
8 780 000 000
8 780 000 000
(1)
1,02655
8 305 000 000
129 700 000
1 251 380 000
(1)
1,00728
(2)
(1)
4 529 000 000
6 692 154
1,04760
198 150 000
4 404 830 000
7 239 000 000
265 140 000
921 650 000
7 643 690 000
3 227 080 000
(3)
46 232 603
(1)
1,11319
6 168 144 000
(1)
1,06143
7 462 000 000
Encours démembré /stripped outstanding
As a % of strippable bonds
démembré
/ stripped
21 750 000
Total OAT / total fungible Treasury bonds
En % des lignes démembrables
Valeur nominale/
face value
2 606 430 000
7 005 050 000
2 778 550 000
1 093 400 000
593 064 828 744
51 270 400 000
10,71%
Durée de vie moyenne
9 ans et 111 jours
Average maturity
9 years and 111 days
Monthly bulletin – N° 187 – December 2005
9
BTAN au 30 novembre 2005
BTF au 30 novembre 2005
Treasury notes at November 30, 2005
Treasury bills at November 30, 2005
En euros
CODE ISIN
Emprunt / Bond
Encours / Outstanding
Échéance 2006
BTAN 5% 12 janvier 2006
BTAN 2,25% 12 mars 2006
BTAN 4,5% 12 juillet 2006
Échéance 2007
BTAN 3,75% 12 janvier 2007
BTAN 2,25% 12 mars 2007
BTAN 4,75% 12 juillet 2007
Échéance 2008
BTAN 3,5% 12 janvier 2008
BTAN 2,75% 12 mars 2008
BTAN 3% 12 juillet 2008
Échéance 2009
BTAN 3,5% 12 janvier 2009
BTAN 3,5% 12 juillet 2009
Échéance 2010
BTAN 3% 12 janvier 2010
BTAN 2,5% 12 juillet 2010
35 074 000 000
11 587 000 000
8 088 000 000
15 399 000 000
48 029 000 000
16 477 000 000
15 476 000 000
16 076 000 000
43 767 000 000
20 935 000 000
5 496 000 000
17 336 000 000
30 648 000 000
15 686 000 000
14 962 000 000
31 962 000 000
16 821 000 000
15 141 000 000
Total BTAN / total Treasury notes
189 480 000 000
FR0102626779
FR0106589445
FR0103230423
FR0103840098
FR0107489959
FR0104446556
FR0105427795
FR0108197569
FR0105760112
FR0106589437
FR0106841887
FR0107369672
FR0107674006
En euros
Échéance / Maturity
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
BTF
Total BTF / total Treasury bills
Durée de vie moyenne des BTAN
2 ans et 82 jours
Durée de vie moyenne des BTF
Average maturity of BTANs
2 years and 82 days
Average maturity of BTFs
Dette négociable de l’Etat au 30 novembre 2005 /
French government negotiable debt at November 30, 2005
Encours total / total outstanding
Durée de vie moyenne
875 948 828 744
Average maturity
6 years and 298 days
Encours / Outstanding
1 décembre 2005
8 décembre 2005
15 décembre 2005
29 décembre 2005
5 janvier 2006
12 janvier 2006
19 janvier 2006
26 janvier 2006
2 février 2006
9 février 2006
16 février 2006
23 février 2006
2 mars 2006
16 mars 2006
30 mars 2006
13 avril 2006
27 avril 2006
11 mai 2006
8 juin 2006
6 juillet 2006
3 août 2006
31 août 2006
28 septembre 2006
26 octobre 2006
23 novembre 2006
3 908 000 000
4 066 000 000
4 010 000 000
3 705 000 000
3 808 000 000
4 209 000 000
4 016 000 000
3 978 000 000
3 828 000 000
4 109 000 000
4 034 000 000
2 026 000 000
3 813 000 000
3 676 000 000
4 025 000 000
3 655 000 000
3 810 000 000
3 979 000 000
3 891 000 000
3 606 000 000
3 808 000 000
3 841 000 000
3 711 000 000
3 803 000 000
2 089 000 000
93 404 000 000
123 jours
123 days
Réserve de titres de la Caisse de la dette publique au
30 novembre 2005/
Securities held in reserve by Caisse de la dette publique at
November 30, 2005
néant / void
6 ans et 298 jours
Monthly bulletin – N° 187 – December 2005
10